Insurance in a digital world: the time is now
"At a time when the speed of digital change is so fast that standing still means falling further behind, this new survey provides fascinating insights into how insurers can respond to – and succeed in – the digital future."
Shaun Crawford, EY Global Insurance Leader
From market instability to catastrophic losses from natural disasters, insurance companies face many conflicting challenges. But the toughest challenge facing the insurance sector now is the adoption of digital technology.
Digital is transforming consumer behavior and driving insurance executives to reassess their business models. Our 2013 global survey of more than 100 insurance companies explores digital readiness, leadership strength and future strategies. With many insurers on the sidelines of the digital shift, it’s time to make the digital agenda a higher priority and tackle the challenges ahead.
Insurers view digital as a key priority, but are lagging far behind
While the majority of insurers believe in the importance of digitalization to deliver the customer experience, many express concern that they will be left behind as shorter-term corporate priorities lie elsewhere.
Key findings from the survey
Insurers acknowledge their current low levels of digital maturity and the need to take action
Companies have high digital ambitions – but are they grounded in reality?
Insurers are holding themselves back
It’s all about retention through improved customer experience
Distributors are digital customers, too
Analytics are critical to digital success
Insurers need to embrace the mobile and social media wave
How insurers should respond
Adapting to a new digital landscape presents many difficulties for insurers as they face challenges in introducing new channels to market while simultaneously remodeling traditional ones.
While no single solution can seamlessly integrate digital into a business, there are elements intrinsic to all effective digital strategies. Insurers need a vision that focuses on the basics:
- Framing the investment argument for digital
- Building the analytics infrastructure
- Embedding a culture of innovation into the organization.
A robust digital strategy begins with a plan and a sound understanding of the practical realities of implementation. Each of the elements – corporate strategies, customer expectations, target operating models and enabling frameworks – will shape each other as digital capabilities develop.
For more information
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